Wise Travel India Ltd H1 FY26 – ₹380 Cr Half-Year Revenue, 12% OPM, EV Dreams on Diesel Cashflows

1. At a Glance

Wise Travel India Ltd is that corporate cab guy who doesn’t shout, doesn’t dance on Instagram reels, and still manages to quietly ferry Amazon, Microsoft, Indigo, Coca-Cola, and half of India Inc to work on time. As of mid-December, the stock is chilling around ₹140, market cap roughly ₹333 crore, and investor mood somewhere between “hmm interesting” and “why did I buy at ₹200?”. Over the last three months, the stock has slipped ~17.7%, which means short-term traders are crying while balance-sheet lovers are rubbing their hands slowly.

The company just reported Half-Yearly Results for H1 FY26, clocking ₹380 crore in sales and ₹14.1 crore in PAT, with an operating margin of ~12%. For a boring-sounding cab company, those are not boring numbers. ROCE sits at ~16%, ROE ~14%, debt-to-equity ~0.74, and EV/EBITDA ~4.8, which makes peers look like they’re charging surge pricing for mediocrity.

No dividend, yes. Promoters holding steady at ~70%, yes. Debt has risen sharply, yes. But revenues have exploded from ₹42 crore in FY21 to ₹685 crore TTM. This is not a startup fairy tale. This is a corporate transport grind story. Curious already? Good. Because this cab has many lanes to explore.

2. Introduction

Wise Travel India Ltd, operating under the brand WTiCabs, is what happens when you remove drama from mobility and replace it with contracts, SLAs, and invoices that get paid (mostly) on time. Incorporated in 2009, the company didn’t try to become the next Uber. Instead, it chose a less glamorous but more predictable life: corporate car rentals and employee transportation.

Think less “cancelled ride, bhaiya nahi aa rahe” and more “pickup at 8:57 AM sharp or HR will call.” That’s the niche Wise Travel lives in. And frankly, it’s a niche that scales quietly while everyone else fights for app installs.

The company operates across 130+ cities, serves 650+ corporate clients, manages 14,000+ vehicles, and employs over 1,200 people. About 90% of its fleet is partner-owned, keeping the model asset-light, while ~10% is owned, mostly to ensure service reliability and control. Around 10% of the fleet is EV-based, which sounds ESG-friendly but also conveniently reduces fuel tantrums.

Financially, Wise Travel has gone from “who are you?” to “okay, you’re serious” in four years. Revenues have compounded aggressively, margins have stabilised around double digits, and profits, while not explosive, are consistent. The question is not whether they can drive. The question is: can they